{"id":2139120,"date":"2026-09-11T00:30:25","date_gmt":"2026-09-10T21:30:25","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2139120"},"modified":"2026-09-11T00:30:25","modified_gmt":"2026-09-10T21:30:25","slug":"ce-se-intampla-cu-ratele-si-cursul-euro-dupa-majorarea-dobanzii-in-europa-efectele-pentru-romania","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2139120","title":{"rendered":"Ce se \u00eent\u00e2mpl\u0103 cu ratele \u0219i cursul euro dup\u0103 majorarea dob\u00e2nzii \u00een Europa. Efectele pentru Rom\u00e2nia"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/cdn.adh.reperio.news\/image-a\/a21c6437-6ec3-4eb5-99c9-d7f3410e9848\/index.jpeg?p=f%3Djpeg%26w%3D1200%26h%3D630%26r%3Dcover&#8221;]<\/p>\n<article class=\"svelte-x63bga\">\n<nav>\n<ul class=\"breadcrump svelte-1pk9a69\">\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/\" title=\"Adev\u0103rul\" class=\"svelte-1pk9a69\">Home<\/a><\/li>\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/economie\" class=\"svelte-1pk9a69\">Economie<\/a><\/li>\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/economie\/ce-se-intampla-cu-ratele-si-cursul-euro-dupa-2556664.html\" class=\"svelte-1pk9a69\">Ce se \u00eent\u00e2mpl\u0103 cu ratele \u0219i cursul euro dup\u0103 majorarea dob\u00e2nzii \u00een Europa. Efectele pentru Rom\u00e2nia<\/a><\/li>\n<\/ul>\n<\/nav>\n<p><main class=\"svelte-x63bga\"><\/p>\n<p>Decizia BCE de majorare a dob\u00e2nzii de politic\u0103 monetar\u0103 este important\u0103 \u0219i pentru Rom\u00e2nia, chiar dac\u0103 BNR nu \u00ee\u0219i stabile\u0219te dob\u00e2nda-cheie \u00een func\u021bie de deciziile institu\u021biei europene. Anali\u0219tii consulta\u021bi de \u201eAdev\u0103rul\u201d au explicat ce efecte va avea asupra costului finan\u021b\u0103rii \u00een euro, asupra cursului de schimb \u0219i<br \/>\nasupra randamentelor obliga\u021biunilor, \u00eens\u0103 amploarea acestora<br \/>\ndepinde de reac\u021bia pie\u021belor \u0219i de condi\u021biile economice din<br \/>\nRom\u00e2nia.<\/p>\n<div class=\"container-image  svelte-1xbw4f3\"><source type=\"image\/webp\" srcset=\"https:\/\/cdn.adh.reperio.news\/image-a\/a21c6437-6ec3-4eb5-99c9-d7f3410e9848\/index.jpeg?p=a%3D1%26co%3D1.05%26w%3D1400%26h%3D750%26r%3Dcontain%26f%3Dwebp 1400w\" media=\"(min-width: 1400px)\" \/><\/p>\n<div class=\"caption svelte-1xbw4f3\"><span class=\"captionText svelte-1xbw4f3\">BCE a majorat joi dob\u00e2nda cheie la 2,5% <span class=\"source svelte-1xbw4f3\">Foto: arhiv\u0103<\/span><\/span><\/div>\n<\/div>\n<p>Banca Central\u0103 European\u0103\u00a0a <a href=\"https:\/\/adevarul.ro\/economie\/banca-centrala-europeana-decide-astazi-daca-2555283.html\" target=\"_blank\">majorat joi, 10 septembrie 2026, dob\u00e2nzile<\/a> de politic\u0103\u00a0monetar\u0103 cu 0,25\u00a0puncte procentuale, \u00een\u00a0contextul presiunilor infla\u021bioniste\u00a0generate de conflictul\u00a0din Orientul Mijlociu\u00a0\u0219i de cre\u0219terea\u00a0pre\u021burilor la energie.<\/p>\n<p>Dob\u00e2nda la facilitatea\u00a0de depozit a\u00a0fost majorat\u0103 de\u00a0la 2,25% la\u00a02,50%, \u00een timp\u00a0ce rata opera\u021biunilor\u00a0principale de refinan\u021bare\u00a0a crescut de\u00a0la 2,40% la\u00a02,65%, iar facilitatea\u00a0de creditare marginal\u0103\u00a0a ajuns de\u00a0la 2,65% la\u00a02,90%. Noile niveluri\u00a0intr\u0103 \u00een vigoare\u00a0la 16 septembrie.\u00a0<\/p>\n<p>Pentru a vedea care ar putea fi efectele major\u0103rii dob\u00e2nzii BCE de la 2,25% la 2,50%, \u201eAdev\u0103rul\u201d a cerut opinia<br \/>\nmai multor anali\u0219ti financiari. Ace\u0219tia au abord\u0103ri diferite<br \/>\nasupra impactului pe care o astfel de decizie l-ar putea avea asupra<br \/>\neconomiei rom\u00e2ne\u0219ti.<\/p>\n<h2>Gresoi: Majorarea BCE nu scumpe\u0219te peste noapte<br \/>\ntoate creditele din Rom\u00e2nia<\/h2>\n<p>Silviu Gresoi, analist de date, a declarat pentru \u201eAdev\u0103rul\u201d<br \/>\nc\u0103 majorarea dob\u00e2nzii BCE nu va avea un efect imediat<br \/>\nasupra tuturor creditelor contractate \u00een Rom\u00e2nia.<\/p>\n<p>\u201e<i>Majorarea BCE nu scumpe\u0219te peste noapte toate creditele din<br \/>\nRom\u00e2nia. Impactul direct este asupra creditelor \u00een euro, prin<br \/>\nEURIBOR. Pentru creditele \u00een lei, ROBOR poate reac\u021biona mai rapid,<br \/>\niar IRCC abia cu \u00eent\u00e2rziere. Un euro mai bine remunerat poate pune<br \/>\npresiune pe leu \u0219i reduce spa\u021biul BNR pentru sc\u0103derea dob\u00e2nzii.<br \/>\nLa obliga\u021biuni, randamentele pot urca, iar pre\u021burile celor deja<br \/>\nemise pot sc\u0103dea. Mesajul este clar: perioada banilor ieftini se<br \/>\n\u00eendep\u0103rteaz\u0103<\/i>\u201d, a explicat analistul.<\/p>\n<h2>Putilean: ROBOR \u0219i IRCC nu au motive s\u0103 fie<br \/>\nafectate<\/h2>\n<p>\u0218i Raul Putilean, analist financiar, consider\u0103 c\u0103 majorarea dob\u00e2nzii BCE la 2,50% nu va produce un impact pronun\u021bat<br \/>\nasupra Rom\u00e2niei, \u00een condi\u021biile \u00een care o asemenea mi\u0219care a fost<br \/>\ndeja anticipat\u0103 de pie\u021bele financiare.<\/p>\n<p>\u201e<i>Ast\u0103zi nu ne a\u0219tept\u0103m la un impact pronun\u021bat asupra<br \/>\nRom\u00e2niei. Creditele \u00een lei sunt legate de ROBOR \u0219i IRCC, indici<br \/>\nstrict interni, guverna\u021bi de BNR, f\u0103r\u0103 leg\u0103tur\u0103 cu BCE.<br \/>\nCreditele \u00een euro depind de Euribor, dar o majorare la 2,5% este de<br \/>\ns\u0103pt\u0103m\u00e2ni bune anticipat\u0103 de pia\u021b\u0103, deci efectul e deja par\u021bial<br \/>\n\u00eencorporat \u00een cota\u021bii; ar deveni vizibil doar dac\u0103 BCE ar<br \/>\nsurprinde prin amploare sau prin ton mai restrictiv<\/i>\u201d, a explicat<br \/>\nRaul Putilean.<\/p>\n<p>Analistul subliniaz\u0103 c\u0103 nici ROBOR, nici IRCC nu ar trebui s\u0103<br \/>\nfie influen\u021bate direct de decizia BCE, deoarece sunt indicatori ai<br \/>\npie\u021bei interbancare rom\u00e2ne\u0219ti.<\/p>\n<p>\u201e<i>ROBOR \u0219i IRCC nu au motive s\u0103 fie afecta\u021bi, fiind indici ai<br \/>\npie\u021bei interbancare rom\u00e2ne\u0219ti. ROBOR 3M este la 5,84%, stabil de<br \/>\nc\u00e2teva s\u0103pt\u0103m\u00e2ni, iar IRCC trimestrial la 5,56%\u201d<\/i>, a precizat<br \/>\nacesta.<\/p>\n<p>\u00cen ceea ce prive\u0219te cursul de schimb, Putilean estimeaz\u0103 c\u0103<br \/>\neuro ar trebui s\u0103 r\u0103m\u00e2n\u0103 relativ stabil, \u00een condi\u021biile \u00een care<br \/>\nBNR are un rol important \u00een gestionarea evolu\u021biei leului.<\/p>\n<p><i>\u201eCursul euro\/leu ar trebui s\u0103 r\u0103m\u00e2n\u0103 stabil, dar nu din<br \/>\ncauza dob\u00e2nzilor b\u0103ncilor comerciale, ci pentru c\u0103 BNR<br \/>\nadministreaz\u0103 activ cursul prin interven\u021bii din rezervele valutare.<br \/>\nSingurul canal indirect ar fi diferen\u021bialul de dob\u00e2nd\u0103 leu-euro,<br \/>\ncare influen\u021beaz\u0103 fluxurile de capital, dar efectul e de regul\u0103<br \/>\nabsorbit de BNR\u201d<\/i>, a explicat analistul.<\/p>\n<p>\u00cen opinia sa, BNR nu urmeaz\u0103 mecanic deciziile BCE, iar<br \/>\nprincipala problem\u0103 cu care se confrunt\u0103 \u00een prezent banca central\u0103<br \/>\neste infla\u021bia ridicat\u0103 din Rom\u00e2nia.<\/p>\n<p>\u201e<i>BNR nu urmeaz\u0103 mecanic BCE. Motivul real al decupl\u0103rii<br \/>\nactuale e o problem\u0103 proprie, mai presant\u0103: infla\u021bie de circa 10%,<br \/>\nalimentat\u0103 de major\u0103rile de TVA \u0219i accize, cu dob\u00e2nda-cheie la<br \/>\n6,5% \u0219i relaxare posibil\u0103 abia din septembrie-octombrie\u201d<\/i>, a mai<br \/>\nspus Raul Putilean.<\/p>\n<p>\u00cen ceea ce prive\u0219te obliga\u021biunile rom\u00e2ne\u0219ti, analistul se<br \/>\na\u0219teapt\u0103 la o eventual\u0103 cre\u0219tere marginal\u0103 a randamentelor, \u00eens\u0103<br \/>\nconsider\u0103 c\u0103 factorul decisiv r\u0103m\u00e2ne situa\u021bia fiscal\u0103 a<br \/>\nRom\u00e2niei.<\/p>\n<p><i>\u201eRandamentele obliga\u021biunilor rom\u00e2ne\u0219ti ar putea urca<br \/>\nmarginal, prin efectul de antrenare al randamentelor Bund, folosite<br \/>\nca benchmark. Factorul dominant r\u0103m\u00e2ne \u00eens\u0103 prima de risc a<br \/>\nRom\u00e2niei, legat\u0103 de deficitul bugetar \u0219i de perspectivele de<br \/>\nrating, complet independent\u0103 de decizia BCE\u201d<\/i>, a explicat acesta.<\/p>\n<h2>Negrescu: Rom\u00e2nia ar putea sim\u021bi un nou val de<br \/>\ninfla\u021bie<\/h2>\n<p>Analistul Adrian Negrescu consider\u0103 c\u0103 majorarea dob\u00e2nzii<br \/>\nBCE ar putea contribui la apari\u021bia unui nou val de infla\u021bie,<br \/>\ninclusiv \u00een Rom\u00e2nia, unde presiunile asupra pre\u021burilor sunt deja<br \/>\nridicate.<\/p>\n<p><a class=\"related-inline svelte-78g0vl\" data-gtrack=\"{&quot;event&quot;:&quot;utm_click&quot;,&quot;data&quot;:{&quot;event_category&quot;:&quot;article_related&quot;}}\" href=\"https:\/\/adevarul.ro\/economie\/economistul-sef-al-bce-avertizeaza-inflatia-din-2537693.html\" title=\"Alt articol de interes pentru tine\"><span class=\"inline-title svelte-78g0vl\">Economistul-\u0219ef al BCE avertizeaz\u0103: Infla\u021bia din zona euro r\u0103m\u00e2ne peste 3% tot anul, dar \u201enu este un dezechilibru major\u201d<\/span><\/a><\/p>\n<p><i>\u201eDecizia BCE anun\u021b\u0103, din p\u0103cate, un nou val de infla\u021bie pe<br \/>\ncare \u00eel vom sim\u021bi poate mai mult dec\u00e2t ceilal\u021bi europeni.<br \/>\nCre\u0219terea dob\u00e2nzilor \u00eenseamn\u0103 c\u0103 banii devin mai scumpi, iar<br \/>\nefectele se vor vedea \u00een cre\u0219terea pre\u021burilor. \u00cen Rom\u00e2nia, chiar<br \/>\ndac\u0103 dob\u00e2nda-cheie este \u00eenghe\u021bat\u0103 la 6,5%, majorarea pre\u021burilor<br \/>\nla energie \u0219i carburan\u021bi, coroborat\u0103 cu efectele scumpirilor din<br \/>\nUE, se vor traduce \u00eentr-un nou val de infla\u021bie\u201d<\/i>, a declarat<br \/>\nanalistul.<\/p>\n<p>Negrescu spune \u00eens\u0103 c\u0103 amploarea unui asemenea fenomen ar fi<br \/>\ndificil de anticipat \u0219i consider\u0103 pu\u021bin probabil\u0103 dep\u0103\u0219irea<br \/>\npragului de 10% al infla\u021biei doar ca urmare a acestei evolu\u021bii.<\/p>\n<p>\u201e<i>C\u00e2t de mare va fi acesta r\u0103m\u00e2ne de v\u0103zut. Cert este c\u0103<br \/>\namplitudinea nu va putea fi foarte ridicat\u0103, adic\u0103 s\u0103 nu ne<br \/>\na\u0219tept\u0103m la o infla\u021bie de peste 10% pentru simplul motiv c\u0103 \u0219i<br \/>\na\u0219a puterea de cump\u0103rare a sc\u0103zut puternic, iar pre\u021burile sunt ca<br \/>\nun elastic \u2013 dac\u0103 tragi prea mult de el se rupe, altfel spus, dac\u0103<br \/>\nscumpe\u0219ti prea mult r\u0103m\u00e2i cu marfa nev\u00e2ndut\u0103<\/i>\u201d, a explicat<br \/>\nAdrian Negrescu.<\/p>\n<p>\u00cen ceea ce prive\u0219te politica monetar\u0103 a BNR, analistul<br \/>\nconsider\u0103 c\u0103 banca central\u0103 nu are \u00een acest moment motive s\u0103<br \/>\nmajoreze dob\u00e2nda-cheie.<\/p>\n<p><i>\u201eDincolo de efectele \u00een infla\u021bie, BNR n-are niciun motiv<br \/>\nmomentan pentru a cre\u0219te dob\u00e2nda-cheie<\/i>\u201d, a afirmat acesta.<\/p>\n<p>Adrian Negrescu consider\u0103 c\u0103, \u00een cazul dob\u00e2nzilor la care se<br \/>\n\u00eemprumut\u0103 statul, evolu\u021bia acestora va depinde \u00eentr-o m\u0103sur\u0103<br \/>\nmai mare de situa\u021bia fiscal\u0103 \u0219i de evaluarea agen\u021biilor de rating<br \/>\ndec\u00e2t de decizia BCE.<\/p>\n<p>\u201e<i>\u00cen ceea ce prive\u0219te dob\u00e2nzile la care se \u00eemprumut\u0103 statul,<br \/>\nacestea au crescut deja, iar trendul va fi dat, cel mai probabil, nu<br \/>\nde situa\u021bia extern\u0103, c\u00e2t mai ales de rezultatul evalu\u0103rii S&amp;P<br \/>\ndin 2 octombrie. Dac\u0103 vom intra \u00een Junk, dob\u00e2nzile vor exploda,<br \/>\ndac\u0103 nu probabil vor r\u0103m\u00e2ne \u00een intervalul 7-8% cel pu\u021bin p\u00e2n\u0103<br \/>\n\u00een prim\u0103vara anului viitor<\/i>\u201d, a mai spus analistul.<\/p>\n<h2>BCE a decis joi majorarea dob\u00e2nzii de politic\u0103<br \/>\nmonetar\u0103<\/h2>\n<p>Banca Central\u0103 European\u0103 a anun\u021bat joi, 10 septembrie 2026,<br \/>\ndecizia privind dob\u00e2nzile de politic\u0103 monetar\u0103.<\/p>\n<p>Banca Central\u0103 European\u0103\u00a0a majorat joi, 10 septembrie 2026, dob\u00e2nzile de politic\u0103\u00a0monetar\u0103 cu 0,25\u00a0puncte procentuale, \u00een\u00a0contextul presiunilor infla\u021bioniste\u00a0generate de conflictul\u00a0din Orientul Mijlociu\u00a0\u0219i de cre\u0219terea\u00a0pre\u021burilor la energie.<\/p>\n<p>Dob\u00e2nda la facilitatea\u00a0de depozit a\u00a0fost majorat\u0103 de\u00a0la 2,25% la\u00a02,50%, \u00een timp\u00a0ce rata opera\u021biunilor\u00a0principale de refinan\u021bare\u00a0a crescut de\u00a0la 2,40% la\u00a02,65%, iar facilitatea\u00a0de creditare marginal\u0103\u00a0a ajuns de\u00a0la 2,65% la\u00a02,90%. Noile niveluri\u00a0intr\u0103 \u00een vigoare\u00a0la 16 septembrie<\/p>\n<p>A\u0219 pune intertitlul astfel, iar declara\u021bia poate fi introdus\u0103 ca un ultim paragraf al analizei, f\u0103r\u0103 s\u0103 o fragment\u0103m prea mult:<\/p>\n<p>Lagarde: BCE nu se angajeaz\u0103 \u00een avans fa\u021b\u0103 de o anumit\u0103 traiectorie a dob\u00e2nzii<\/p>\n<h2>Lagarde: BCE nu se angajeaz\u0103 \u00een avans fa\u021b\u0103 de o anumit\u0103 traiectorie a dob\u00e2nzii<\/h2>\n<p>Christine Lagarde a subliniat c\u0103 perspectiva economic\u0103 r\u0103m\u00e2ne extrem de incert\u0103, cu riscuri at\u00e2t pentru o accelerare a infla\u021biei, c\u00e2t \u0219i pentru o \u00eencetinire a cre\u0219terii economice. Pre\u0219edinta BCE a ar\u0103tat c\u0103 amploarea \u0219i durata \u0219ocului energetic vor avea un rol important \u00een evolu\u021bia economiei \u0219i a pre\u021burilor.<\/p>\n<p><a class=\"related-inline svelte-78g0vl\" data-gtrack=\"{&quot;event&quot;:&quot;utm_click&quot;,&quot;data&quot;:{&quot;event_category&quot;:&quot;article_related&quot;}}\" href=\"https:\/\/adevarul.ro\/economie\/romania-ramane-departe-de-adoptarea-euro-bce-2538703.html\" title=\"Alt articol de interes pentru tine\"><span class=\"inline-title svelte-78g0vl\">Rom\u00e2nia r\u0103m\u00e2ne departe de adoptarea euro. BCE: Infla\u021bia, deficitul \u0219i legisla\u021bia incompatibil\u0103 \u00eencetinesc convergen\u021ba<\/span><\/a><\/p>\n<p><i>\u201ePerspectiva r\u0103m\u00e2ne extrem de incert\u0103, exist\u00e2nd riscuri \u00een sensul cre\u0219terii infla\u021biei \u0219i \u00een sensul reducerii cre\u0219terii economice. \u00cen ceea ce prive\u0219te \u0219ocul energetic, scenariile actualizate elaborate de exper\u021bi ilustreaz\u0103 gama larg\u0103 de rezultate privind modul \u00een care cre\u0219terea \u0219i infla\u021bia ar evolua \u00een func\u021bie de diferite ipoteze privind intensitatea \u0219i durata acestuia, precum \u0219i efectele sale indirecte \u0219i de runda secundar\u0103.<\/i><\/p>\n<p><i>Prin decizia de ast\u0103zi, r\u0103m\u00e2nem bine pozi\u021biona\u021bi pentru a naviga prin <\/i><a href=\"https:\/\/adevarul.ro\/economie\/economistul-sef-al-bce-avertizeaza-inflatia-din-2537693.html\" target=\"_blank\">incertitudinea cauzat\u0103 de conflict<\/a><i>. Vom urma o abordare bazat\u0103 pe date \u0219i pe fiecare \u00eent\u00e2lnire \u00een parte pentru a determina orientarea adecvat\u0103 a politicii monetare. \u00cen special, deciziile noastre privind rata dob\u00e2nzii se vor baza pe evaluarea noastr\u0103 a perspectivelor infla\u021biei \u0219i a riscurilor aferente acestora, \u00een lumina datelor economice \u0219i financiare viitoare, precum \u0219i a dinamicii infla\u021biei de baz\u0103 \u0219i a for\u021bei de transmitere a politicii monetare. Nu ne angaj\u0103m \u00een prealabil fa\u021b\u0103 de o anumit\u0103 traiectorie a ratei dob\u00e2nzii\u201d<\/i>, a declarat pre\u0219edinta BCE.<\/p>\n<p><\/main><\/p>\n<footer class=\"svelte-x63bga\">\n<div class=\"related-wrap related-footer svelte-78g0vl\"><span class=\"related-label svelte-78g0vl\">Cite\u0219te \u0219i<\/span><a class=\"related svelte-78g0vl\" data-gtrack=\"{&quot;event&quot;:&quot;utm_click&quot;,&quot;data&quot;:{&quot;event_category&quot;:&quot;article_related&quot;}}\" href=\"https:\/\/adevarul.ro\/economie\/banca-centrala-europeana-decide-astazi-daca-2555283.html\" title=\"Alt articol de interes pentru tine\"><img decoding=\"async\" class=\"thumb svelte-78g0vl\" src=\"https:\/\/cdn.adh.reperio.news\/image-f\/f5ab6c2f-6b77-4f59-99a0-16231fd1baf9\/index.jpeg?p=f%3Dwebp%26w%3D120%26h%3D80%26r%3Dcover%26a%3D0\" alt loading=\"lazy\" width=\"80\" height=\"54\"><span class=\"title svelte-78g0vl\">Banca Central\u0103 European\u0103 a majorat dob\u00e2nda. 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